A woman wearing a protective face mask to prevent contracting the coronavirus enters a subway station in Milan, Italy, March 4, 2020.
Guglielmo Mangiapane | Reuters
First quarter U.S. earnings estimates have been declining since coronavirus concerns became known toward the end of January, but Europe — now the cutting edge of the COVID-19 epidemic — have been plummeting.
The concern is that should the virus spread in the U.S. as it is spreading in Italy, U.S. earnings could see similar declines.
“So far, few U.S. companies have reported any significant change in capex or employment in the U.S., but it appears EU earnings will be quite weak,” Evercore ISI said in a recent…